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Forfaiting, short-term purchase of receivables

In addition to the traditional export credit agency-financed facilities, as an alternative solution, Eximbank also offers forfaiting to its customers. Forfaiting means the purchase, without recourse, of bank-guaranteed receivables from export sales, transforming a deferred-payment transaction into a prompt-payment one, and thus relieving the exporter from the

  • commercial,
  • country (political and transfer),
  • exchange rate, and
  • collection

risks arising from the receivable.

The export receivables must be embodied or guaranteed by an unconditional, irrevocable banker instrument (e.g. deferred-payment letter of credit, bank guarantee). If the bank concerned is acceptable, there is no need for any additional securities. The transaction can be concluded quickly and requires only simple documentation, so there are no substantial administrative and legal costs.

The trends of recent years show that it is increasingly difficult for Hungarian exporters to enter into arrangements with their customers under which the latter provide a bank guarantee or deferred-payment letter of credit as security for the deferred payment. It is with these situations in mind that Eximbank and MEHIB jointly offer a facility in which the insurer provides insurance (Facility C for the exporter, and Facility CF for the bank), and the bank purchases the receivables with this insurance serving as security for the transaction.

More details please download our full product information.

Eximbank Zrt.

Cégjegyzékszáma:
01-10-042594, bejegyezve a Fővárosi Törvényszék, mint Cégbíróság által

Adószám:
10949638-2-44

Bankszámlaszám:
14800016-06000008-11111128
S.W.I.F.T. kód: HEXI HU HB 

MEHIB Zrt.

Cégjegyzékszáma:
01-10-042595, bejegyezve a Fővárosi Törvényszék, mint Cégbíróság által

Adószám:
10949621-2-44

Bankszámlaszám:
10918001-00000001-04530003

1065 Budapest, Nagymező u. 46-48. Tel.: +36 (1) 374 9100, +36 (1) 374 9200, Fax: +36 (1) 269 1198 E-mail: exim@exim.hu © 2019 EXIM Minden jog fenntartva

Eximbank Plc.

Bank account number: 
14800016-06000008-11111128
S.W.I.F.T. kód: HEXI HU HB 

MEHIB Plc.

Bank account number: 
10918001-00000001-04530003

H-1065 Budapest, Nagymező street 46-48. Phone: +36 1 374 9100, +36 1 374 9200 Fax: +36 1 269 4476, +36 1 269 1198 E-mail: exim@exim.hu © 2019 EXIM All rights reserved

Eximbank Plc.

Bank account number: 
14800016-06000008-11111128
S.W.I.F.T. kód: HEXI HU HB 

MEHIB Plc.

Bank account number: 
10918001-00000001-04530003

H-1065 Budapest, Nagymező street 46-48. Phone: +36 1 374 9100, +36 1 374 9200 Fax: +36 1 269 4476, +36 1 269 1198 E-mail: exim@exim.hu © 2019 EXIM All rights reserved

Dear Customers,

We deem it important to provide continuous professional support to you also in the current pandemic situation. Conditions negatively effecting undertakings, economic slowdowns or declines always highlight the role of state-backed financial institutions, such as that of EXIM. This countercyclical role - even in the case of a longer-lasting pandemic situation - is further strengthening.

Based on our 25-year export credit, financing and insurance expertise and our in- depth knowledge of international markets, we would like to assure you of the unchanged stability of our operation and partnership.

Already upon the declaration of the epidemiological emergency[1], the funding experts of EXIM – in close co-operation with the Ministry of Foreign Affairs and Trade – started to identify and elaborate the mitigating measures and programmes whereby we can help Hungarian enterprises return to their foreign markets immediately after the removal of the restrictions.

Furthermore, we inform you that under Government Decree of 18 March 2020 on immediate measures necessary for alleviating the effects of the coronavirus pandemic on the national economy[2], the Hungarian government provides for the extension of the capital, interest and fee payment obligations of debtors falling within the scope of the Decree arising from credit, loan or financial lease contracts existing at 24:00 on 18 March 2020  until 31 December 2020 (payment moratorium). The government also stipulates that any contract expiring within the period of the state of danger shall be extended until 31 December 2020.

Thus, we will continue our work in view of the Governmental Decree aimed at alleviating the effects of the pandemic on the total Hungarian economy and we will handle the implementation of the moratorium imposed on contracts falling under the scope of the Decree in the case of all our customers concerned. Following the official publication of additional legislation laying down the detailed rules of the provisions of the Government Decree, we will provide you with detailed information. Until then we would like to ask you for your kind patience.

It is important to emphasize that we are entirely at your disposal also in the present situation in case of fund requests or liquidity difficulties since the finance solutions of EXIM are also suitable for addressing the non-marketable risks.

Please contact us if you have any questions or requests.

info@exim.hu

[1] Government Decree 40/2020 (11 March 2020)

[2] Government Decree 47/2020 (18  March 2020)